Sawyer & Sawyer, Author at Sawyer & Sawyer

May 21

5

Retirement Account Owners Do Not Have to Take Required Distributions in 2020 – Coronavirus Relief

By Sawyer & Sawyer | Estate Planning

Retirement account owners, many of whose retirement balances have been pummeled by a stock market drop due to the coronavirus pandemic, do not have to take mandatory withdrawals this year. Federal law requires individuals who were age 70 1/2 before the end of 2019 to begin taking required minimum distributions (RMDs) from their retirement plan in April of the year after they turned 70. (Note that those who were younger than 70 ½ at the end of 2019 can wait until they turn 72 to take RMDs.) The amount of the distribution is based on the value of the account at the end of the previous year, but the funds you withdraw are treated as taxable income in the year you take the distribution. The coronavirus pandemic caused the stock market to tumble, depleting many retirement accounts. RMDs for this year would be based on the value of the account…

May 04

4

Should Seniors Who Lose Their Job During the Coronavirus Pandemic Claim Social Security Benefits Early?

By Sawyer & Sawyer | Elder Care, Estate Planning, Legal info

In the wake of the Coronavirus pandemic, unemployment is skyrocketing. Seniors who lose their jobs may be tempted to claim Social Security benefits early, but should they, given the resulting reduction in future benefits? The answer depends on your situation, but you may be able to claim and not sacrifice much in terms of future benefits. While you can claim Social Security benefits as early as age 62, the better financial decision is usually to wait to take benefits as long as you are able. If you take Social Security between age 62 and your full retirement age, your benefits will be permanently reduced to account for the longer period you will be paid. Individuals who file at age 62 this year will receive 72 percent of their full benefit. On the other hand, if you delay taking retirement beyond your full retirement age, depending on when you were born,…

Apr 29

3

Staying Connected to Family Members in a Nursing Home When Visits are Banned

By Sawyer & Sawyer | Elder Care, Nursing Home

The spread of the coronavirus to nursing home residents has caused the federal government to direct nursing homes to restrict visitor access, and many assisted living facilities have done the same. While the move helps the residents stay healthy, it can also lead to social isolation and depression. Families are having to find new ways to stay in touch. Nursing homes have been hit especially hard by the coronavirus. The Life Care Center of Kirkland, Washington near Seattle was one of the first clusters of coronavirus in the United States and is one of the deadliest, with at least 35 deaths associated with the facility. In response, the Centers for Medicare and Medicaid Services (CMS) issued guidance to all nursing homes, restricting all visitors, except for compassionate care in end-of-life situations; restricting all volunteers and nonessential personnel; and cancelling all group activities and communal dining. While these actions are necessary…

Apr 28

3

How Does Your Stimulus Check Affect Medicaid Eligibility?

By Sawyer & Sawyer | Medicaid

The coronavirus relief bill includes a direct payment to most Americans, but this has Medicaid recipients wondering how the payment will affect them. Because the payment is not income, it...

Jul 11

2

Is This Dementia?

By Sawyer & Sawyer | Guardianship

When a loved one experiences forgetfulness, we often become concerned about their safety and well-being. According to the Alzheimer’s Association, common symptoms of dementia include memory loss, difficulty planning or...

Mar 25

1

Attorney General Arrests 225 people in Elder Fraud Crackdown

By Sawyer & Sawyer | Elder Fraud, Legal info

Recently, the U.S. Attorney General William Barr announced the largest ever crackdown on fraud against older Americans. Conservative estimates suggest that elder fraud costs seniors about $3 billion a year....

Mar 25

2

Changes in Medicaid Retroactive Coverage

By Sawyer & Sawyer | Medicaid

Effective February 1, 2019, a major change was implemented that eliminated retroactive Medicaid coverage. Prior to the new law, when a Medicaid application was submitted, the applicant was entitled to...

Nov 28

9

Durable Power of Attorney

By Sawyer & Sawyer | Estate Planning

What is a Durable Power of Attorney? A Durable Power of Attorney is a legal document that allows you to select an individual, called an agent, to manage your money...

Jul 28

8

Medicare vs. Medicaid

By Sawyer & Sawyer | Medicaid

Medicare vs. Medicaid: What’s the Difference? Medicare and Medicaid are different programs created by the federal government. Medicare generally is a health insurance program for people over the age of...